Donald Trump has warned that the stock market bubble is about to burst, and has warned it is due to over-regulation as well as Federal Reserve manipulation of interest rates.
In an interview with the Hill, Trump also vowed he’d repeal Dodd-Frank, the financial reform package effected in 2010 and praised by Democratic Party hopefuls on the CNN stage of their first televised debate.
“Under Dodd-Frank, the regulators are running the banks,” Trump said, Breitbart reported. “The bankers are petrified of the regulators. And the problem is that the banks aren’t loaning money to people who will create jobs.”
Democrats insist Dodd-Frank controls Wall Street and prevents the economy from collapsing by giving regulators the power they need to exert proper oversight. But Republicans criticize the law as punitive on small businesses, one of the driving forces of America’s economic growth.
Trump said the regulation has done little to stop America’s economy from tanking – and has rather brought about the opposite scenario.
“We have Dodd-Frank and we’re in a bubble right now anyway,” he said. And one example? As Breitbart reported, he pointed to some social media companies that enter the world financial stage with public offerings worth “billions,” before they’ve “even made 10 cents,” Trump said.
Trump also slammed Federal Reserve chief Janet Yellen for artifically suppressing interest rates for political reasons, because President Obama “doesn’t want to have a recession-slash-depression during his administration,” he said.
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He went on, speaking of the real victims: “You know who gets hurt the most? People who practice the American dream and did what should have been the right way – the people that went through 40 years of their life and saved a hundred dollars every week. … They worked all their lives to save and now, what happens, is they’re being forced into an inflated stock market and at some point, they’ll get wiped out.”
His warnings of a financial disaster headed for America’s economy were echoed by one financial watcher who pointed to the retail sector in a blog post at the BurningPlatform.com to say: “Here we go again. The dying legacy media will continue to support the status quo, who provide their dwindling advertising revenue, by papering over the truth with platitudes, lies, and misinformation. I have been detailing the long slow death of retail in America for the last few years. The data and facts are unequivocal. Therefore, the establishment and their media mouthpieces need to suppress the truth.”
And that truth?
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“Look no further than what happened to Wal-Mart today for confirmation we are in the midst of a worldwide recession, if not depression. Their stock fell by 10 [percent], the largest one day loss in their history as a public company. Their stock is down 30 [percent] this year,” the BurningPlatform.com reported. “All economic indicators are flashing red and warning of recession. Retail sales, that account for two thirds of economic activity, are falling. Corporate profits are plunging. Middle class Americans haven’t seen their household income rise since 1989. The last two employment reports were horrific. The number of job layoff announcements by corporations is up 36 [percent] year to date and has already exceeded the total for 2014.”
And one more point, from the news site: “The only people who refuse to acknowledge recession reality are the Wall Street hucksters, looking to fleece a few more muppets before their party is over. … Propaganda and lies can’t stop this recession. The Fed never took their foot off the gas, so we are headed for the cliff at 100 miles per hour. I wonder what happens next.”
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